The Fair and Accurate Credit Transactions Act (FACTA)

What is FACTA?

Signed into law on December 4, 2003, the Fair and Accurate Credit Transactions Act (FACTA) is federal legislation aimed at the prevention and penalization of consumer fraud and identity theft. Administered by the Federal Trade Commission (FTC), the FACTA Disposal Rule has been in effect since June 1, 2005. The Disposal Rule puts in place requirements for proper document disposal and destruction, and recognizes the problems that can and do arise when private information is disposed of in an irresponsible manner.

Who is affected by FACTA?

FACTA applies to virtually all persons and businesses in the United States, mandating that “any person who maintains or otherwise possesses consumer information, or any compilation of consumer information, for a business purpose must properly dispose of such information by taking reasonable measures to protect against unauthorized access to or use of the information in connection with its disposal.”

Under FACTA, consumer information is defined as personal identifying materials which extend beyond just a person’s name, including:

• a social security number
• a driver’s license number
• a phone number or e-mail address
• a physical address

To comply with the FACTA Disposal Rule, businesses and individuals must take “reasonable measures” to ensure such information does not fall into the wrong hands. Reasonable measures include the “burning, pulverizing, or shredding” of paper documents, such as the contracting of a third-party engaged in the document destruction business to dispose of confidential information in a manner consistent with the Act.

Failure to abide by FACTA may result in stiff penalties. Victims are entitled to actual damages sustained due to incompliance; they may also seek statutory damages, and, in some cases, file class-action suits. Federal and state authorities are also empowered to bring legal enforcement actions against businesses that violate the Act.

Secure On-Site Document Destruction

MicroShred’s mobile destruction services bring confidential and secure shredding to you.

Our completely self-contained mobile shredding trucks will shred your documents at your home or place of business. Our trained security personnel shred your material without interfering with your daily operations. You may, of course, witness the shredding process at any time. The materials are destroyed beyond recognition, reconstruction and readability.

Upon completion, you are issued a Certificate of Destruction certifying the time and date your materials were destroyed. The obliterated material is then transported to our secured recycling facility. We offer a complete line of on-site shredding services with flexible scheduling options to meet your needs. All shredding is done by our mobile shredding trucks. No need to remove paper clips, staples, binder clips or other fasteners. We shred everything!

CONTACT MICROSHRED TODAY

Miami Woman Convicted In Tax Fraud Scam

MIAMI (CBSMiami) – A Miami woman was found guilty on Monday in a Miami courtroom for a tax refund scam that enabled her to receive thousands of dollars in fraudulent refunds from the government.

Prosecutor said 30-year old Natoya Mashea Handy used stolen identities of past or current inmates to submit phony federal tax returns.

Handy was found with 15 social security numbers, names, and dates of birth belonging to people who were incarcerated in the state of Florida. Prosecutor said she used 17 stolen social security numbers to file fraudulent taxes for the 2011 tax year. Each of the tax returns received hundreds of dollars in a refund, according to the U.S. Department of Justice.

She was convicted of one count of access device fraud and five counts of aggravated identity theft.

Handy’s sentence is scheduled for June 24.

(source)